Business
Hugo Boss raises 2021 outlook after strong third quarter
Hugo Boss raises 2021 outlook after strong third quarter
Published by maria gbaf
Posted on October 15, 2021
Global Banking and Finance Review
Company
Published by maria gbaf
Posted on October 15, 2021
FRANKFURT (Reuters) – German fashion retailer Hugo Boss on Thursday raised its outlook for the current year after third-quarter earnings rebounded above pre-pandemic levels on the back of strong demand in Europe and the Americas.
The group now expects sales to grow by about 40% in 2021 on a currency-adjusted level, up from a previous target growth range of 30-35%. Operating profit (EBIT) is now seen at 175 million to 200 million euros ($203-232 million), compared with a previous forecast for 125 million to 175 million euros.
While noting a strong business recovery in Europe and the Americas, “renewed COVID-19 related restrictions, including temporary store closures, weighed on consumer sentiment in various key markets” in the Asia/Pacific region, it said.
Third-quarter sales and EBIT stood at 755 million euros and 85 million, respectively, which represents a rise not only compared with the past year but also with regard to 2019, before the COVID-19 pandemic hit the sector, Hugo Boss said.
Frankfurt-listed shares in the company, which is expected to publish full third-quarter results on Nov. 4, rose 2.6% on the news.
($1 = 0.8629 euros)
(Reporting by Christoph Steitz; Editing by Susan Fenton)
FRANKFURT (Reuters) – German fashion retailer Hugo Boss on Thursday raised its outlook for the current year after third-quarter earnings rebounded above pre-pandemic levels on the back of strong demand in Europe and the Americas.
The group now expects sales to grow by about 40% in 2021 on a currency-adjusted level, up from a previous target growth range of 30-35%. Operating profit (EBIT) is now seen at 175 million to 200 million euros ($203-232 million), compared with a previous forecast for 125 million to 175 million euros.
While noting a strong business recovery in Europe and the Americas, “renewed COVID-19 related restrictions, including temporary store closures, weighed on consumer sentiment in various key markets” in the Asia/Pacific region, it said.
Third-quarter sales and EBIT stood at 755 million euros and 85 million, respectively, which represents a rise not only compared with the past year but also with regard to 2019, before the COVID-19 pandemic hit the sector, Hugo Boss said.
Frankfurt-listed shares in the company, which is expected to publish full third-quarter results on Nov. 4, rose 2.6% on the news.
($1 = 0.8629 euros)
(Reporting by Christoph Steitz; Editing by Susan Fenton)
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